The Nigerian National Petroleum Company Limited (NNPCL) has reacted to recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between with Dangote Refinery.
Clarifying the situation in a statement yesterday, the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, said the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025.
He said that discussions are currently ongoing towards emplacing a new contract.
According to Soneye, NNPCL has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024 under this arrangement.
